OPay Withdraws $304m NYSE IPO After Regulatory Inquiry

OPay has withdrawn its planned $304 million initial public offering on the New York Stock Exchange after a regulatory inquiry involving a foreign jurisdiction. The company said the matter was not material to its core operations. The Nigeria-focused fintech had priced 16 million American Depositary Shares at $19 each, placing its valuation at about $4 billion. Its shares were expected to begin trading on October 30, but trading did not commence as scheduled. OPay said it and its underwriters mutually terminated their underwriting agreement. The company added that the withdrawal would not affect its financial condition, operations or service delivery in Nigeria and other markets. The development leaves uncertainty over the timing of OPay’s proposed secondary listing on the Nigerian Exchange, which was expected to follow its US listing.

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